Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.
Peter CundillWhen a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.
Peter CundillThe most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.
Peter CundillWhy will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.
Peter CundillOne of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.
Peter Cundill